Russia’s invasion of Ukraine has seen some of the harshest sanctions ever imposed on a nation and disrupted trade flows of energy and other commodities, even though such goods have not been directly sanctioned. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Russia was China’s second largest crude oil supplier in 2021, accounting for around 15.5% of China’s total imports. Chinese buyers of spot Russian crude are temporarily refraining from closing deals following uncertainty around shipping. Independent refiners, most of whom highly favor Far Eastern Russian grade ESPO, have decided to halt purchases until more clarity on the implication of sanctions emerges. Some of China’s top state-owned banks are taking precautionary measures and have stopped issuing Letters of Credit for trading or purchasing Russian commodities. But, Asia’s biggest oil consumer is also closely watching the situation evolve as it has the appetite to absorb incremental […]